The message of this judgment is that when promises of payment on pleas for forbearance are made, the commercial creditor is well advised to ask to have an agreement in writing signed by the promisee.

Whether it be called waiver or forbearance on his part, or an agreed variation of substituted performance, does not matter.

The remuneration had allegedly been paid at a time when the company was known by its directors to be making losses and to be unable to pay its debts without forbearance from its creditors, but there was no allegation of fraud.